Los Angeles-based TruAmerica Multifamily has added to its extensive holdings in Colorado with the acquisition of Village on Cypress, a 220-apartment home community in Thornton, in an off-market transaction.
The garden-style community is located at 8960 Cypress Drive just nine miles north of downtown Denver. Major employers in the region include Honeywell International, Level 3 Communications, Lockheed Martin and Comcast Corp.
Village on Cypress represents a strong value-add opportunity for TruAmerica as all 220 one- and two-bedroom apartment homes are either in their original condition or have received minimal upgrades since the property was built in 1987. TruAmerica plans to modernize all units to create a cohesive, fully renovated scope throughout the entire community.
TruAmerica entered the Colorado market eight years ago and with Village on Cypress, the Los Angeles-based multifamily investment firm currently owns and operates six properties throughout the Denver MSA totaling approximately 1,800 units.
“We recognized Denver’s impressive migration statistics, pro-business attitude, and growing millennial population nearly a decade ago. Those economic drivers are still as strong today and we see no signs of it letting up,” said Senior Director Zachary Rivas, who oversees acquisitions for TruAmerica in Colorado and the Western states. “Both established employers and start-up companies continue to relocate to the region attracted by Denver’s highly educated labor pool, quality of life, and the state’s job growth incentive tax program, and these factors continue to drive a healthy apartment market.”
